Regulatory Alerts2022-04-22
Added · Updated
Circular CSSF 22/807 Update of Circular CSSF 12/552 on Central Administration, Internal Governance and Risk Management
Circular CSSF 22/807 updates Circular CSSF 12/552 to incorporate EBA Guidelines on internal governance (EBA/GL/2021/05), joint EBA/ESMA Guidelines on suitability assessment (EBA/GL/2021/06), and ESMA Guidelines on MiFID II compliance function requirements (ESMA35-36-1952). The update adapts Annex I of the original circular to reflect new criteria for evaluating the independence of management body members and integrates compliance function requirements across all establishment activities, including investment services. It also clarifies responsibilities regarding AML/CFT and outsourcing in light of Circular 22/806. The revised circular applies to credit institutions and lending professionals and becomes effective on June 30, 2022.
More like this from CSSF
We email you every new CSSF publication the day it's published.